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US Oil & Gas - Results and a placing statement which is simply untrue

By Tom Winnifrith

30 May 2015 01:44

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At no-one is watching O 'clock on Friday, the POS US Oil & Gas (USOP) snuck out dismal results and a placing statement which contained an obvious lie and which only postpones death.

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Comments

Daz

30 May 2015, 01:50

Tom talking of dodgy oil companies with questionable RNS releases I am surprised you have never looked at Sirius Petroleum, you would have a field day with that one.

Enjoy your stay in Greece very envious your place is in a lovely location.

ATB
DUCK AND DIVE

30 May 2015, 02:40

And your numbers are a best-case scenario. If the cost of the extended, transatlantic due diligence report (up to $100k) had been included in these results then there would surely have been a note to the accounts saying so.

Then there’s the cost of the upcoming AGM…Can that be less than $50k – including bodyguards for wee Brian?

And presumably USOP can’t afford to P&A the duster at Eblana1 as that would need $100k for restoration – and would finally force the number crunchers to write down the non-current assets humorously valued at $5,180,296 in the accounts (three long years after the last, fateful workover).

Wee Brian isn’t up for re-election this time but there is talk of a “no confidence” vote — which I doubt would diminish even after the CEO pulls his final pre-AGM trick which is expected to be an upscaled CPR. Sadly for Brian, it can’t upgrade water to proven reserves.